DDM Analysis: SRSN.JK

Valuation Snapshot

Stable Growth	$60.91 - $89.16	$74.53
Multi-Stage	$103.90 - $114.34	$109.02
Blended Fair Value	$91.77
Current Price	$68.00
Upside	34.96%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	1.00	1.00	0.00	0.00	2.00	1.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.00%	1.89%	0.00%	0.00%	3.03%	1.69%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	48,224.19
(-) Cash Dividends Paid (M)	6,022.75
(=) Cash Retained (M)	42,201.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9,644.84	6,028.02	3,616.81
Cash Retained (M)	42,201.43	42,201.43	42,201.43
(-) Cash Required (M)	-9,644.84	-6,028.02	-3,616.81
(=) Excess Retained (M)	32,556.60	36,173.41	38,584.62
(/) Shares Outstanding (M)	6,020.00	6,020.00	6,020.00
(=) Excess Retained per Share	5.41	6.01	6.41
LTM Dividend per Share	1.00	1.00	1.00
(+) Excess Retained per Share	5.41	6.01	6.41
(=) Adjusted Dividend	6.41	7.01	7.41
WACC / Discount Rate	8.31%	8.31%	8.31%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$60.91	$74.53	$89.16
Upside / Downside	-10.43%	9.60%	31.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	48,224.19	47,741.95	47,264.53	46,791.88	46,323.96	45,860.72	47,236.54
Payout Ratio	12.49%	27.99%	43.49%	59.00%	74.50%	90.00%	92.50%
Projected Dividends (M)	6,022.75	13,363.57	20,556.97	27,605.16	34,510.34	41,274.65	43,693.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.31%	8.31%	8.31%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	12,213.54	12,338.17	12,462.80
Year 2 PV (M)	17,171.07	17,523.29	17,879.08
Year 3 PV (M)	21,074.04	21,725.77	22,390.80
Year 4 PV (M)	24,078.30	25,076.23	26,104.87
Year 5 PV (M)	26,319.59	27,690.12	29,117.15
PV of Terminal Value (M)	524,633.99	551,952.90	580,398.19
Equity Value (M)	625,490.54	656,306.48	688,352.88
Shares Outstanding (M)	6,020.00	6,020.00	6,020.00
Fair Value	$103.90	$109.02	$114.34
Upside / Downside	52.80%	60.33%	68.15%

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PT Indo Acidatama Tbk (SRSN.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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